A debit card is a type of bank card that permits the card holder to have access to their bank account. Individuals are able to use their debit card in order to withdraw cash at an ATM and to transact payments to pay for goods and services, or for online purchases.
Features of a debit card
A debit card is a type of payment solution that allows its holder to access the amount of money within their bank account. It is a small plastic card that details the cardholder’s full name, account number, expiry date and unique security code.
There are two main types of debit cards, one which has a stored value and enables the holder of the card to make a payment from that, and one which relays a message to the bank of the card holder to enable the withdrawal of funds. There are specific debit cards that are specifically designed for online use – to pay for goods and services through the internet. However, most debit cards allow the card holder to transact payments online as well as offline.
They also enable customers to request cash back at POS terminals when they pay for goods or services with their debit card. Debit cards are a particularly favored method of payment to pay for products over the phone or online. This is because online purchases can be traced and offer a high level of protection and security for the cardholder.
Merchants who wish to integrate debit card processing into their business are advised to seek the assistance of a professional consultancy firm. Through enlisting the services of experienced consultants, you can ensure that you implement the correct payment solution in a professional and timely manner.